Intercontinental Exchange Inc. $ICE Shares Sold by Chemung Canal Trust Co.

Chemung Canal Trust Co. trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 25.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,409 shares of the financial services provider’s stock after selling 4,662 shares during the quarter. Chemung Canal Trust Co.’s holdings in Intercontinental Exchange were worth $2,259,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Boston Trust Walden Corp boosted its position in shares of Intercontinental Exchange by 3.9% in the 3rd quarter. Boston Trust Walden Corp now owns 1,873 shares of the financial services provider’s stock worth $316,000 after buying an additional 71 shares in the last quarter. Petros Family Wealth LLC grew its position in shares of Intercontinental Exchange by 5.1% in the third quarter. Petros Family Wealth LLC now owns 5,746 shares of the financial services provider’s stock valued at $968,000 after purchasing an additional 281 shares during the last quarter. Goldstone Financial Group LLC grew its position in shares of Intercontinental Exchange by 53.9% in the third quarter. Goldstone Financial Group LLC now owns 2,865 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 1,004 shares during the last quarter. Private Wealth Management Group LLC increased its stake in shares of Intercontinental Exchange by 59.5% during the 3rd quarter. Private Wealth Management Group LLC now owns 177 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 66 shares in the last quarter. Finally, Ethic Inc. raised its position in shares of Intercontinental Exchange by 6.0% during the 3rd quarter. Ethic Inc. now owns 74,934 shares of the financial services provider’s stock worth $12,625,000 after purchasing an additional 4,228 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $163.94 on Tuesday. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a 50 day moving average price of $155.89 and a 200 day moving average price of $168.82. The company has a market cap of $93.47 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 2.31 and a beta of 1.04.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, October 30th. The financial services provider reported $1.71 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.71. Intercontinental Exchange had a net margin of 25.24% and a return on equity of 13.79%. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the firm posted $1.55 earnings per share. Intercontinental Exchange’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Insider Activity at Intercontinental Exchange

In related news, Director Judith A. Sprieser sold 3,700 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $157.96, for a total transaction of $584,452.00. Following the completion of the sale, the director owned 14,469 shares of the company’s stock, valued at approximately $2,285,523.24. This represents a 20.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Mayur Kapani sold 5,345 shares of Intercontinental Exchange stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $156.67, for a total transaction of $837,401.15. Following the transaction, the chief technology officer directly owned 65,240 shares in the company, valued at approximately $10,221,150.80. This trade represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 176,150 shares of company stock valued at $27,072,531 over the last three months. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ICE shares. TD Cowen lowered their target price on Intercontinental Exchange from $199.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Raymond James Financial upgraded shares of Intercontinental Exchange from an “outperform” rating to a “strong-buy” rating and set a $210.00 target price on the stock in a report on Monday, October 13th. Morgan Stanley reaffirmed a “positive” rating and set a $174.00 price target (up from $169.00) on shares of Intercontinental Exchange in a research note on Monday, December 22nd. Finally, Keefe, Bruyette & Woods upgraded shares of Intercontinental Exchange to a “moderate buy” rating in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $194.30.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.